Shanghai High Court Declares Bitcoin a Virtual Asset with Economic Value & Is Protected by Chinese Law

The Shanghai High People's Court recognized Bitcoin as a virtual asset that is protected by Chinese law. The court recognized that cryptocurrencies have economic value, in a lawsuit that set a precedent. Despite China’s ban on cryptocurrencies trading, it is taken into account as an important unit of economic value. The Shanghai High Court has ruled that Bitcoin qualifies as a virtual asset protected by Chinese law, Bitcoin.com reports, citing a Chinese news agency. Last week, the court’s official Wechat channel posted a notice stating that it had formed a unanimous opinion on the legal status of Bitcoin. "In the…